Home NewsCommodities News gold price today: Gold rate today: Yellow metal slips below Rs 53,000 on MCX; silver posts sharp gains

gold price today: Gold rate today: Yellow metal slips below Rs 53,000 on MCX; silver posts sharp gains

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gold price today: Gold rate today: Yellow metal slips below Rs 53,000 on MCX; silver posts sharp gains

New Delhi: Gold prices ticked up on Tuesday, helped by a softer dollar, while market participants awaited more clarity on the US Federal Reserve’s rate hike stance.

Gold futures on

were trading higher by 0.20% or Rs 105 at Rs 52,908 per 10 grams. Similarly, silver futures jumped 0.72% or Rs 447 at Rs 62,831 per kg.

Investors will now focus on Fed Chair Jerome Powell’s speech at a Brookings Institution event on Wednesday.


Gold is seen as a hedge against inflation, which rising rates aim to tackle, thereby diminishing the metal’s appeal. Higher interest rates also make other assets more attractive compared to non-interest-bearing bullion.

NS Ramaswamy, Head of Commodities,

Securities, said that bullion ticked higher after the previous session fell, supported by some safe-haven demand from China amid wide protests over its strict COVID restriction. “The market participants await ADP National Employment data on Wednesday and nonfarm payroll data due on Friday,” he said. “China’s net gold imports in October via Hong Kong fell 45% from the previous month,” he added.

In the spot market, the highest purity gold was sold at Rs 52,852 per 10 grams while silver was priced at Rs 62,110 per kg on Monday, according to the Indian Bullion and Jewelers Association.

The spot prices of gold have remained above Rs 52,000 per 10 grams for more than two weeks now while silver has gained about Rs 1,700 per kg in the last six sessions.

Ravindra V Rao, CMT, EPAT VP-Head Commodity Research, Kotak Securities, said that gold trades mildly higher even than US dollar and treasury yields recovered after hawkish statements by Fed officials.

“Focus will now shift to US consumer confidence data scheduled today. Weakening data pointers might support the bullion rally on the back of weakening US dollar,” he said.


Trading Strategy “Bullion charts are looking positive. Momentum indicator RSI also indicates the same,” said Amit Khare, AVP- Research Commodities, Ganganagar Commodity. He advised traders to make fresh buy positions in gold and silver.

He suggested buying gold and silver near given support levels at Rs 52,100-51,950 and Rs 60,600-60,100, respectively. He further advised profit booking near resistance levels at Rs 52,400-52,700 and Rs 61,300 and Rs 62,100, respectively.

Global markets Spot gold was up 0.3% to $1,745.22 per ounce as of 0251 GMT. US gold futures rose 0.3% to $1,745.40.

Spot silver gained 0.9% to $21.10, platinum rose 0.9% to $997.25 and palladium was up 0.7% to $1,857.00.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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